City Moves for 11 November 2014 | Who’s switching jobs November 10, 2014 RSA Ian Hood has been promoted to the newly-created role of group chief digital officer at the insurer. He was most recently digital and multi-channel director at RSA, and has also held senior positions at MORE TH>N, Swiftcover, and Direct Line. Deutsche Bank JP Rangaswami has been appointed chief data officer at the bank. Based [...]
Bottoms up: Fever-Tree share price fizzes in first day of trading November 7, 2014 Doubles all round at posh tonic water maker Fever-Tree: shares in the company started trading on Aim this morning, jumping as high at 172p within minutes of the market opening, before settling back to 168.5p. Shares were priced at 134p when it listed a 60 per cent stake under the ticker "FEVR", which raised £93.3m, [...]
Euro falls to two-year low on disappointing ECB speech November 6, 2014 The euro fell to its lowest level against the dollar in two years today after much-anticipated comments by European Central Bank (ECB) chief Mario Draghi disappointed markets. The currency dipped below $1.24 and fell to £1.27, before rallying slightly. Although European stocks spiked immediately after the speech, Germany's Dax closed down 0.92 per cent, while [...]
Carlyle Group in $700m deal to acquire Dealogic November 5, 2014 GLOBAL asset management firm the Carlyle Group, together with other investors, has agreed a $700m (£438m) deal to buy international financial software company Dealogic and two related joint ventures. The deal is set to land Dealogic’s founders with a windfall of around £250m, City A.M. understands. The founders and management will re-invest equity into the transaction, [...]
Is today a turning point for Marks & Spencer’s share price? November 5, 2014 Marks & Spencer's share price has soared 8.3 per cent this morning, suggesting that investors were pleasantly surprised by its better-than-expected results. Although it marked its 13th quarter of declines, the 3.4 per cent drop in clothing was lower than consensus. Analysts this morning are suggesting this could be, if not the beginning of [...]
Fever-Tree IPO: Charles Rolls and Tim Warrillow are cracking open the bubbly for a market debut November 4, 2014 When boom turns to bust, it can be best to keep your head down, get back to work and wait for a better time to dive into choppy waters. Plenty of other firms have had second thoughts about their flotations in recent week, as the frenzy of earlier months gave way to a market slump. [...]
Fever-Tree share price rises after bigger than expected IPO November 3, 2014 Upmarket drinks firm Fever-Tree’s shares will price at 134p this morning, valuing the nine-year-old firm at £154m. Its biggest backer LDC is selling 80 per cent of its stake, and will be left holding 10 per cent of the firm’s shares. Management will sell 40 per cent of their holding and be left with 24 [...]
FTSE dragged down by HSBC and utilities – London Report November 3, 2014 BRITAIN’S top equity index broke a four-day rise yesterday as a drop in major utility stocks and in global banking group HSBC dragged the UK stock market lower. The blue-chip FTSE 100 index closed down by 0.9 per cent at 6,487.97 points. Last week, it had extended a rebound off 15-month lows reached in October. [...]
Marks and Spencer likely to join Next and Tesco in slump as like-for-like sales decline November 3, 2014 The slump in British retail is set to hit Marks and Spencer hard this week, after poor financial results from rival Next and supermarket Tesco. Weak sales figures will pile increasing pressure on chief executive Marc Bolland – like-for-like sales have already fallen for the past 13 quarters, despite the growing economic recovery. The consensus [...]
Fever-Tree IPO: Float priced tonight November 3, 2014 Bankers to the drinks mixers group Fever-Tree expect to price its stock market flotation tonight, confounding a poor market for new issues. Floating on London’s Aim, the listing will see 50 per cent of the drinks group bought by outside investors. The company is looking to raise just £4m of new money from the [...]